Author(s): Nicolaj Hannesbo Petersen
In today's dynamic, entrepreneurial, and transformative business environment characterized by globalization, digitalization, and sustainability, firms must continuously innovate their business models. This imperative arises from both macro-level factors, such as globalization, technological advancements, regulatory changes, and economic shifts, and micro-level factors, including evolving customer needs, increased competition, product and service innovation, and firm-specific dynamics. The Business Model Canvas (BMC) is a widely used tool for visualizing and developing business models. However, it has faced criticism for its rigidity, logic and limited application during uncertain phases of business modeling. This paper critically examines the BMC, highlighting its strengths and weaknesses, and introduces a new framework: the Blank Business Model Canvas. This novel framework integrates principles of mindful organizing and sensemaking, which are crucial for fostering innovation in uncertain and rapidly changing contexts. Mindful organizing involves maintaining a high level of attention and adaptability, essential for navigating the complexities of the modern business environment. Sensemaking, the process of understanding and interpreting novel and ambiguous situations, provides a robust framework for responding to unforeseen challenges and opportunities. Both collective mindfulness and sensemaking are foundational for socio-cognitive innovation. The proposed framework guides firms through the configuration and innovation of business models, requiring diverse socio-cognitive approaches of mindful organizing and giving and making sense to foster creativity, adaptability, and alignment with market demands. By leveraging the Blank Business Model Canvas and these advanced theoretical perspectives, this approach equips firms to thrive in the contemporary business landscape, addressing the limitations of the BMC and offering a structured pathway for sustained growth and competitive advantage. In conclusion, this research underscores the necessity of continuous business model innovation. By enhancing the BMC with socio-cognitive foundation through the Blank Business Model Canvas, it provides a robust framework for implementing business model innovation, contributing significantly to the academic literature and practical applications in business strategy, management, and entrepreneurship.